Net Asset Value

20 October 2010

Cambium Global Timberland Limited (the "Company")

Net Asset Value ("NAV")

The Directors of the Company wish to announce that the estimated, unaudited NAV as at 31

July 2010 (calculated under IFRS and including current year revenue) is as follows:

31 July 2010 30 April 2010

£ £

Net asset value per ordinary share 0.88 0.91

For more information:

Investment Manager

CP Cogent Asset Management

Rich Standeven / Matt Haertzen

+1 214 871 5400

Broker

Matrix Corporate Capital LLP

Paul Fincham / Jonathan Becher

+ 44 (0) 20 3206 7000

Nominated Adviser

PricewaterhouseCoopers LLP

Melville Trimble

+ 44 (0) 20 7 213 8898